The statement of financial position of Basilica Corp. at December 31, 2020 was prepared as follows:

Basilica Corp.

Statement of Financial Position

December 31, 2020

Cash	$ 40,250 (1)		Current Liabilities	$ 237,500
Accounts Receivable (net)	85,550 (2)		Long-term Liabilities	437,500
Inventories	105,000 (3)		Shareholders Equity	494,800
Investments	60,000 (4)
Land	350,000 (5)
Building (net)	525,000 (6)
Copyright (net)	4,000 (7)
	$1,169,800			$1,169,800

The following additional information is provided:

1. The cash balance includes:

Petty cash fund	$ 250
Cash advance to employee, payable on demand	1,000
Saving Account at TD Bank	23,000
Certificate of deposit (90-days)	10,000 10333333,00038,000
Chequing account at the Bank of Montreal	6,750
Bank overdraft at the Scotia Bank	(750)
Total	$ 40,250

2. The allowance for doubtful accounts $7,750.

3. The net realizable value of the inventory that is included in the Statement of Financial Position is $100,000. Inventories do not include $15,000 of merchandise that was in transit at December 31, which was sold to a customer with terms f.o.b. destination. The inventory reached the customer on January 5, 2020. In addition, inventories also do not include $20,000 of inventory that was received by Manga Ltd. for consignment.

4. The investments section includes the following:

• notes receivable that was issued on September 1^st, 2020 bearing interest at 6% and due on August 31, 2021 $20,000;
• long-term FV-OCI investment $30,000 carrying value (fair value $26,000 at December 31, 2020);
• FV-NI Investment 500 common shares of Bilkin Inc. purchased at $10.00 per share (fair value $11.50 per share at December 31, 2020). The company expects to sell the FV-NI shares as soon as the market price increases next year.

5. The land balance includes land used for operations and recorded at its appraised value of $350,000 (the original cost of the land was $275,000). The company uses the historical cost method to account for property, plant & equipment.

6. The building originally cost $750,000. Depreciation for 2020 has already been recorded.

7. The copyright originally cost $10,000 and is being amortized over 5 years on a straight-line basis. Amortization for 2020 had already been recorded.

8. The company borrowed $50,000 from XYZ Bank. The bank charges 5% and the loan is due May 1^st2026. As part of the bank loan XYZ Bank required Basilica Corp. to pledge their building as security for the loan (in other words it is the banks collateral).

Instructions:

1. Assuming the Accumulated Other Comprehensive Income was $10,000 credit balance at the beginning of 2020, what would be the Accumulated Other Comprehensive Income at the end of the 2020? Show detailed solutions and explanation.

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